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SGPay is a next generation digital wallet / e-payments mobile application with a myriad of integrated services on offer. It is the world’s first transformative platform for mainstreaming cryptocurrencies.

Using our platform, you would be able to pay for groceries, movie tickets, flight bookings, items bought from online merchants, even bike rental and insurance services. You name it - the opportunities are endless when it comes to SGPay.

The idea of SGPay was borne from our desire to bridge the worlds of fiat and cryptocurrencies all into one platform. All aforementioned services can be paid for with either your credit cards or cryptocurrencies - whichever you choose - of which includes our very own utility token, the SGPay Token [SGP].

With SGPay, you can buy, sell and manage your cryptocurrencies on the go, because it provides 24/7 real-time portfolio tracking on mobile. It functions as an exchange, allowing users to buy, sell and safely store their cryptocurrencies, and promises efficient transactions for all future users.

SGPay’s core target group will first and foremost be Singapore, an exponentially growing tech hub with a population more than willing to adopt new technologies into their lifestyle. In the next few years, SGPay is projected to expand into Southeast Asia (2019), then the Asia-Pacific region (2020). Essentially, it is an all-in-one (AIO) digital wallet that promises high practicality and convenience for all users in Singapore and the rest of Asia. We aim to make cryptocurrencies more widely accepted, used and trusted in the world.

Our website contains a lot of in-depth information and details on our project.

THE CURRENT PROBLEM

SGPay seeks to address one of the biggest hurdles to Singapore’s bid towards becoming a Smart Nation: despite being one of the leading global hubs for financial technology, 6 out of 10 Singaporeans still use mainly cash in their everyday lives – this is a stark contrast to their highly connected lifestyles and digital literacy.

“It isn’t due to a lack of cashless payment options,” points out Guangyuan, the founder and CEO of SGPay. Quite the contrary, the government’s push towards e-payments has paved the way for new payment platforms to flourish, including the development of a common QR code for Singapore (SGQR) that could be used for islandwide e-payments. Among all Asian countries, Singapore is the one which has the highest smartphone adoption rate, beating out even major tech hubs like Korea and Hong Kong.

There are three key problems, especially in Singapore:

Currently, there is no extremely efficient and reliable way to purchase tokens - there is a lack of reputable e-wallets or exchanges that users can fully trust in Singapore and other parts of Asia.

Coinbase, for example, specifically caters to American markets, making it challenging for foreign users to liquidate their cryptoassets into fiat currency.

Retail investors have to bear very high transaction fees when purchasing cryptocurrencies, with current rates ranging between 1.49% to a whopping 3.99% at major international exchanges.

In Singapore, especially as of late, exchanges such as Gemini and CoinHako have been inefficient to use. Liquifying virtual currencies becomes a long and arduous process, and sometimes transactions even get cancelled, gas fees non-refunded. New investors are unable to purchase cryptocurrencies because the sites are not built to handle such high traffic.

Companies announce new e-payment solutions at a rate that is difficult to catch up with. For example, MasterCard and Visa (just two of many) have dished out their own payment technologies, adding them to the already crowded e-payments space. However, the MasterCard wallet would only work with MasterCard, the Visa wallet would only work with Visa, and so on and so forth.

Convenience became an issue – none of these solutions let you store ALL your credit card info in one place. Eventually, using these technologies became troublesome, a glaring issue in a new generation where everything is available one click away. These solutions offer little to address the real issue at hand: to unite the existing fragmented systems.

Finally, the lack of merchants accepting cryptocurrencies as a mode of payment. In Singapore, the real-world use of crypto is almost non-existent – it is currently a speculative affair, offering little practicality to our daily lives. Essentially zero local online shops offer the option to pay by cryptocurrency, let alone brick-and-mortar outlets. For such a tech-driven nation such as Singapore, it is a shame that it falls behind on this aspect.

HOW SGPAY IS ABLE TO SOLVE THEM

Lack of efficient, reputable and accessible digital wallets/exchanges in Singapore.

SGPay aims to be an effective digital wallet platform, easy for all Singaporeans to use. Just link your credit card to the wallet / mobile app, and transact away. You can buy, sell, store and use your cryptocurrencies for transactions with merchants, or friends and family. All with just a few clicks. SGPay provides 24/7 real-time portfolio tracking on both mobile and desktop as well, lending to its great ease of use.

SGPay will support the most number of supported cryptocurrencies out of all local e-wallets, including local cryptocurrencies. QR code payments can be made as well, making transactions simple and accessible for everyone. It also boasts an integrated rewards system, where you can earn reward points while shopping on our partner online mall - there will be no gimmicks, expiry dates and lengthy terms and conditions.

Excess of e-payment solutions, disunited systems.

SGPay aims to integrate as many useful and practical functions into its mobile application - a do-it-all mobile application and digital wallet capable of anything. It combines the two worlds of crypto and fiat currency, accomodating tokens, credit cards and services of extensive variety. It is an app that aims to "simplify and integrate" - with SGPay, you don't need any other apps. You only need SGPay downloaded and you're set for all your e-payments and storage of cryptocurrencies.

Lack of real-world use when it comes to cryptocurrency

SGPay aims to integrate key merchant partners to form a holistic ecosystem. The SGPay team is extremely keen on partnering with big corporations such as banks, small medium enterprises such as local stores, and technology partners for synergistic partnerships. In the end, it aims to build a functional app with a large variety of integrated services that can be paid for with not only fiat but also cryptocurrencies, lending a real-world use for cryptocurrencies in Singapore.

STANDOUT FEATURES OF SGPAY

The biggest draw of SGPay is the ability to conduct all your daily transactions in a single app, from buying movie tickets and shopping online to buying. Bitcoin and making e-payments. SGPay makes it easy to manage your cryptocurrencies no matter where you are, including the ability to buy and sell on the platform itself. The mobile version will have a portfolio tracking in real-time 24/7, so you always know exactly where you stand.

At the very least, SGPay does both. Use whichever currency you prefer at the participating retailers, so you are in complete control of your finances. Looking at Southeast Asia, SGPay has support for more cryptocurrencies than any other local e-wallet. That support translates into the ability to diversify your e-portfolio, mitigating risk and protecting your financial interests.

Users can use their stored fiat balance to transfer money to other users. SGPay aims to build a monetized reward system so that when you shop on the partner online mall, you get reward points without any expiration date or long and boring terms and conditions to pour through. For security, SGPay includes biometric verification and several other built-in safeguards.

SGPay is targeting big partnerships together with the local banks as well as in other verticals. The platform was modular as a hybrid platform and not just pure crypto-play.

Founder of Pulse9 Studio which specializes in AI technologies in chatbots, statistics and data analysis. Adjunct Professor in MBA Graduate School in aSSIST.

CONCLUSION

SGPay is a platform that will benefit a lot of people because it is efficient, accessible, and can be incorporated into our daily lives seamlessly. It brings about a concept quite unprecedented in Singapore and even the Southeast Asian region, which has proven to be successful in other parts of the world. With a formidable team backing the project, SGPay promises to be a useful and practical platform for people of various ages and tech literacy, bringing even greater awareness to e-payment and cryptocurrency in Singapore and the rest of Southeast Asia.

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KICKICO is an online blockchain technology-based platform for reward-based and donation-based crowdfunding, which provides an access to online fundraising tools carried out with the help of blockchain technology and smart contracts. KICKICO does not represent or act as a professional representative, agent, consultant, advisor, etc. and the information provided to you does not constitute any offer, proposal, recommendation, financial or legal advice.

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